Some cities are being vaporized by foreclosures.
Stockton, California: 1 in 27 households is in Foreclosure
Detroit, Michigan: 1 in 29 households is in Foreclosure
Las Vegas, Nevada: 1 in 31 households is in Foreclosure
San Bernardino, California: 1 in 33 households is in Foreclosure
Sacramento, California: 1 in 36 households is in Foreclosure
Denver, Colorado: 1 in 42 households is in Foreclosure
Miami, Florida: 1 in 46 households is in Foreclosure
These are MAJOR US cities being gutted by foreclosed properties and the rates will only skyrocket as the peak in subprime foreclosures are set to run through the end of this year and well into the winter.
How about when Stockton and Detroit have 1 in every 10 homes in a foreclosure. If you think housing prices haven’t cashed yet, just wait for it...
And some cities may take 20 years to recover. No, I kid you not. Most will laugh uncontrollably at the idea of 20 years of depressed home values. Laugh away.
http://money.cnn.com/2007/08/14/real_estate/California_cities_lead_foreclosure/index.htm
Detroit has been on the decline for decades. The fact that people STAY in the Detroit metro area is unfathomable to me.
Twenty years ago was a good time to leave.
I was born and raised in Michigan in the out-lying suburbs. I LOVE Michigan. But wild horses couldn’t drag me back there.
Last one out, turn out the lights.